1. Field of the Invention
Embodiments of the invention relate to the field of financial systems, and more specifically, to retirement systems.
2. Description of Related Art
Public pension and retirement systems have changed dramatically in the past decades due to a number of factors including changes, revisions, or reforms in legislative regulations, social security system, tax laws, health care management, investment opportunities, demography, employment, and the general economy. Pension administrators face increased difficulties in managing and distributing benefits and funds for participants. Software developers have attempted to develop software systems addressing the needs of pension systems.
Existing techniques to provide retirement administration and distribution have a number of drawbacks. One technique provides a generic architecture with configurability. This technique, however, does not integrate accrual and distribution functions completely and does not provide the flexibility to access the functions for update or tracking at the administrative level. Other techniques are difficult to maintain and manage, typically requiring the skills of software personnel to perform maintenance tasks.